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Share Name Share Symbol Market Type Share ISIN Share Description
De La Rue Plc LSE:DLAR London Ordinary Share GB00B3DGH821 ORD 44 152/175P
  Price Change % Change Share Price Shares Traded Last Trade
  0.50 0.75% 67.50 27,568 16:35:17
Bid Price Offer Price High Price Low Price Open Price
66.90 67.50 67.00 66.30 67.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Support Services 375.10 24.20 11.00 6.1 132
Last Trade Time Trade Type Trade Size Trade Price Currency
16:35:17 UT 275 67.50 GBX

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Trade Time Trade Price Trade Size Trade Value Trade Type
2023-02-07 16:35:1767.50275185.63UT
2023-02-07 16:19:1267.00297198.99O
2023-02-07 16:08:2566.75876584.77O
2023-02-07 15:57:2967.50501338.18O
2023-02-07 15:55:0066.7012583.38AT
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Posted at 07/2/2023 08:20 by De La Rue Daily Update
De La Rue Plc is listed in the Support Services sector of the London Stock Exchange with ticker DLAR. The last closing price for De La Rue was 67p.
De La Rue Plc has a 4 week average price of 65p and a 12 week average price of 65p.
The 1 year high share price is 125p while the 1 year low share price is currently 65p.
There are currently 195,024,121 shares in issue and the average daily traded volume is 258,800 shares. The market capitalisation of De La Rue Plc is £131,641,281.68.
Posted at 31/1/2023 13:46 by kooba
Not sure if you are up to date with CA strategy there appears no pressure to liquidate anything. But on your point of an over hang the last disclosed sale by CA seems to be Oct 2021..now the shares were somewhat higher then and well done anyone who lightened the load up there..but there has been no sales in well over a year ..other institutions have reduced since then but the share price decline is not CA selling or having to sell , it is 3 profit warnings and the various other mishaps. Disregarding a leading auditors warning is brave ..previously there have been situations where the auditor is too tight to the company and auditors generally have been given a shot across the bows to be more clinical in their assessment...hence material uncertainty and possible breach of covenants. I would say DLAR were lucky to get the lending sorted before that assessment because the banks would and will not overlook the auditors comments i guarantee.
Posted at 23/1/2023 17:34 by gargoyle2
Share price now at its lowest since June 2020. Vacher has been a complete waste of space here imo, despite his protestations that he 'saved the company.'
Posted at 02/12/2022 19:17 by kooba
Some interesting points in CRS response.2 December 2022CRYSTAL AMBER FUND LIMITED("Crystal Amber", the "Company", or the "Fund")Statement regarding De La Rue plc ("De La Rue") general meetingOn 27 October 2022 De La Rue announced that it would be convening a general meeting on 2 December 2022 where it would put to shareholders whether Mr Loosemore should continue as Chairman. Crystal Amber is De La Rue's second largest shareholder, owning just under 10 per cent of De La Rue's issued share capital. On 9 November 2022, Crystal Amber published an open letter to De La Rue shareholders on its website.Crystal Amber notes De La Rue's announcement that at its general meeting held earlier today, Mr Loosemore was re-elected as a director.Crystal Amber points out the following:1. Crystal Amber did not requisition this meeting, the Board of De La Rue convened it. Crystal Amber is not aware of another company where a board has effectively requisitioned a general meeting itself regarding the continuing role of a director outside the normal annual general meeting.2. Since convening the meeting and proxy advisers issuing recommendations on voting, De La Rue announced its third profit warning of 2022 alongside a material uncertainty going concern qualification from its auditor, EY.3. Since the publication of De La Rue's interim results on 23 November 2022, Crystal Amber has held discussions with a number of De La Rue's institutional shareholders. Despite obvious dissatisfaction arising from the latest profit warning, Crystal Amber understands that as a result of the material uncertainty going concern audit opinion, there is some concern that removing Mr Loosemore at this time might result in further instability. However, as De La Rue convened the shareholder meeting following private correspondence between Crystal Amber and the Chairman, Crystal Amber believes that De La Rue is responsible for creating public instability.4. Crystal Amber remains of the view that Mr Loosemore's actions and ability are an impediment to the release and return of shareholder value. This is evidenced by strategic errors, a share price 30 per cent below the level of July 2020 at which GBP100 million of rescue equity finance was provided, three profit warnings and the material uncertainty going concern audit qualification.5. Crystal Amber believes that considerable strategic value remains at De La Rue and that in order to protect and maximise shareholder value, it must seek to participate in industry consolidation without delay.For further enquiries please contact:Crystal Amber Fund Limited
Posted at 24/11/2022 07:37 by kooba
The TimesPlenty of companies get into fights with activist investors, but how many throw in a punch-up with the auditors? That's the novel approach from De La Rue: an outfit whose licence to print money has long been lost on its skint shareholders.You know what? All Clive Vacher's bleating about the dastardly number-crunchers from EY might have even been persuasive if it hadn't been for one thing: the banknote printer's boss lobbing in its third profit warning this year.Yes, Vacher objects to EY slapping a "material uncertainty related to going concern" badge on the half-year figures: one reason the shares dived 23 per cent to 77p, valuing the once FTSE-100 group at only £150 million. He says the "board and the management strongly disagree" with EY's assessment, arguing it's produced a worst-case "scenario that is neither plausible or realistic". Maybe he has a point, too, that De La Rue's banks have just allowed it to extend its debt facilities without raising similar concerns.Yet, the covenant in question is the "ebit/net interest" variety. And, while Vacher may moan about EY's "overabundance of caution", who wouldn't take that sort of stance?Forecast earnings before interest and tax, also known as operating profits, keep going down. By contrast, both interest rates and net debt - up from £71.4 million to £86.5 million year on year - keep going up. Vacher is guiding to adjusted full-year operating profits of as little as £30 million versus market estimates of £36 million. Rewind a year and Numis analysts were forecasting £56.5 million: a figure cut to £41.4 million after January's profits alert, £35.6 million after May's and now to £30.1 million. Why wouldn't EY be cautious?Vacher's not had the easiest gig. Taking charge in October 2019, he inherited a business poleaxed by the reign of predecessor Martin "blue passports" Sutherland. A month earlier, a new chairman had arrived: Kevin Loosemore, the former Micro Focus boss whose "click and repeat" $8.8 billion Hewlett Packard assets buy blew up badly. By November 2019, it was Loosemore warning over De La Rue's "ability to continue as a going concern".Then came Covid, forcing the duo into June 2020's £100 million equity raise at 110p. And Vacher, who says he's "saved" the business, insists that there's been improvement since: a revamp that's included getting out of a pricey paper-supply deal with Portals Paper at a cost of £19.3 million. He's also promising free cashflow next year, while arguing, rather conveniently, that he should be judged on the share price when he'd "exposed all the problems", May 2020's 37p, not the near-190p where he came in. Even so, you see why activist Crystal Amber, with almost 10 per cent, is trying to oust Loosemore at December 2's extraordinary general meeting. Here is a group that makes its latest profits alert bullet point No 16 of 16 first-half "highlights". A business, too, that reports a 47 per cent operating profit drop to £9.3 million and then picks a fight with its auditors. Yes, Loosemore was re-elected with 97.8 per cent of the vote at July's annual meeting and may well see off Crystal Amber. But the activist's Richard Bernstein complains of a "management not taking responsibility", adding: "You can kid some of the people some of the time . . .". The board is running out of time to prove him wrong.https://www.thetimes.co.uk/article/de-la-rue-attacks-auditor-over-going-concern-warning-x8prcsf77
Posted at 23/11/2022 08:59 by kaos3
catsick - I do not think so - they have problems getting enough funds at a reasonable price. game is changing. I have several shares - that were in preparation for the PEs - (SP was worked to ever lower levels) and it just does not happen - as it used to.

I hope the share price falls some more .... so we can add/buy cheaply as the first reason but more important reason is - CA will get more support for the reorganization. Management surely lost some support of its fans today.

By splitting the business - PE or an industry buyer can strike easier. Management costs in total will adopt to a smaller size of each unit. Transparency will increase.

all imho

Posted at 10/11/2022 12:06 by kaos3
CA proposal consists of 2 parts:

- how to get share price up in the short term - by splitting the business
and

- an effort to improve the business by making changes to the BOD who would than deliver better returns in the long term. It clearly says where - costs of the management - but other further cost cutting is unproductive in the long term. Better marketing. R&D implementation etc ...

I would support both ... otherwise I will be able to buy again at 45p as the last time...

because if DLAR BOD wins ... and CA will start dumping and the markets are weak ... I can see revisiting those levels once again ... is what the chart is clearly telling me.

CA clearly presented the case in numbers how the share price capital was destructed since 2019 considering back then capitalisation, fresh capital infusion and present capitalisation

Posted at 10/11/2022 09:12 by boll
It’s scarcely surprising that the companies turnaround plan hasn’t worked. In addition to ongoing Covid there have been supply chain issues, energy price increases etc. Looking forward we can see an improvement in the pension position and release from the ongoing paper contracts from Portals so we ought to start seeing improvements from 2023/24 onwards.

Having read some of tha articles quoting Clive Vacher about 18 months ago one of 5he issues was the utilisation of the bank note printing. This was fixed by price reductions so that the capacity utilisation improved with a improvement in performance. I don’t think Covid helped because of manpower shortages arising from absences due to Covid. Unlikely this could have been anticipated.

My issue with Crystal Amber is that they talk a good story but their returns for there shareholders haven’t been good. Other issues I have with the letter is the point regarding profit warning. Do Crystal amber have more information on company performance than we have on this. Crystal Amber have also reduced their stake in DLAR during the last year or so.

I agree with Crystal Amber that the pension fund needs looking at with a view to offloading. I am not sure about splitting the two divisions bank note and authentication. What happens if the facilities are shared. Maybe the management of DLAR needs to clarify this.

Posted at 30/9/2022 21:28 by gargoyle2
Crystal Amber's take today -- De La Rue stands out as a case study of how poor leadership is the ultimate destroyer of shareholder returns. The company has a long and proud history, having been established in 1821 and has been printing banknotes since 1860. In 1982, the share price was 617.5 pence Forty years later it is 82 pence. Ten years ago, De La Rue paid an annual dividend of 42.3 pence a share. In 2019, the dividend was shelved. In July 2020, De La Rue completed a £100 million fundraise which was priced at 110 pence a share. Over the last two years, the business has been transformed. However, a combination of failing to fully capitalise on pricing in a buoyant currency market in 2020 as central buyers stocked up, limited contract wins in both its Currency and Authentication divisions, cost inflation and continuing to work through legacy issues inherited from the previous Chief Executive Martin Sutherland, has seen the market capitalisation decline to £164 million. During the year to June 2022, De La Rue's share price fell by 55 per cent. The Company notes that since March, the current management team has achieved significant success with two legacy issues. Firstly, in March, the De La Rue Pension Trustee agreed that the planned £9.5 million per annum increase in pension contributions for the next six years was no longer required. Secondly, in July, De La Rue and Portals Paper Limited ("Portals") terminated the agreement they signed in 2018, which had committed De La Rue to purchase substantial quantities of paper until 2028. Without this termination, in the remaining years of the relationship, De La Rue would have been committed to paying Portals volume shortfall payments, which the Company estimates would have been approximately £8 million per annum. In the year to March 2022, De La Rue delivered adjusted earnings per share of 13 pence. Current year market estimates are for adjusted earnings per share of 11.7 pence. Despite these two legacy "wins," De La Rue's share price trades on just seven times current year earnings. Whilst this reflects in part the market's understandable scepticism in the context of two profit warnings since January and a lack of pricing power, it has left De La Rue very vulnerable to corporate action. In the year to March 2022, the Authentication division achieved revenues of £90 million. Management is guiding to current year revenues of £100 million and close to 20 per cent operating margins. The Company believes that this division, with its long-term earnings visibility could now be sold for between £200 million and £250 million. The Company believes that De La Rue is now at a critical position, with essential strategic decisions required, but unfortunately, over many years, De La Rue's track record demonstrates its poor judgment when it comes to making business decisions in the interests of its owners. The Company believes that now is the time for better decision making, with input from stakeholders. Consequently, in early July, the Company wrote to the Chairman and Chief Executive of De La Rue to request that Crystal Amber, as a 10 per cent shareholder, be invited to nominate a director in a non-executive capacity and a decision is expected on this in the near future. With corporate action most likely, the Company believes it is in the interests of all stakeholders that a long-term and significant shareholder now has representation at board level.
Posted at 09/9/2022 11:25 by gargoyle2
The design and manufacture of BofE notes is currently shared between DLAR and CCL. If I recall correctly, DLAR does all the £50, with the others being shared, although DLAR has been eating into CCL's share in recent years. All substarte notes are printed by DLAR, I believe.
Posted at 25/11/2021 12:22 by clanger66
You look at the price movement. Since the crystal amber vote on Monday where even though 50 odd percent voted to keep the fund going, they didn't reach the maximum 75 percent needed hence DLAR share price has come back some 15 percent and part of this was pre half year results. Crystal Amber will probably be wound up, this potential has been hanging around for months now and without a doubt has depressed the price of DLAR. Once the stake has been sold I would expect the share price to jump which is why I stay invested. I didn't see anything in the results announcement to change my mind on this.
De La Rue share price data is direct from the London Stock Exchange
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